Lebanese Minister of Energy and Water Joe Saddi has praised the State of Qatar's supportive positions for Lebanon, affirming that Qatar has undertaken years-long efforts to help and stand with Lebanon.
Qatar has been standing with Lebanon in numerous fields, with energy at the forefront, alongside the health and transportation sectors, as well as backing the Lebanese military, Saddi underlined to Qatar News Agency (QNA).
He emphasised the ongoing Qatar-Lebanon collaboration in the field of energy, noting Lebanon's tremendous ambition in the area of gas and petrol exploration in the Lebanese territorial waters.
Saddi noted the deal signed by QatarEnergy with the Lebanese government and both TotalEnergies and Eni to acquire a participating interest in an exploration block offshore Lebanon last Friday.
Under the terms of the agreement, QatarEnergy will acquire 30% of Block 8, while TotalEnergies (the operator) and Eni will each hold 35%, Saddi highlighted.
The Lebanese minister added that, under this deal, a seismic survey will be conducted in Offshore Exploration Area Block 8, a survey that had not been conducted previously due to the absence of maritime boundary demarcation with Israel.
He emphasised the critical importance of this survey, as it plays a central role in fathoming out the detailed geology of the area, and that exploration decisions will be made based on the survey findings.
Saddi further expressed his hope that the consortium will move as soon as possible to swiftly initiate a three-dimensional seismic survey, enabling enhanced geological and technical understanding of Offshore Exploration Area Block 8 and a thorough assessment of available opportunities.
He noted that the signing of the deal underscores the consortium's determination to forge ahead with exploration activities despite the challenges in Lebanon.
In addition, Saddi clarified that the Ministry of Energy and Water, in coordination with the Lebanese Petroleum Administration (LPA), is working on preparing the file for launching the fourth offshore licensing round, in addition to fashioning the required terms and conditions, with a view to attracting global companies to invest in the open offshore areas and reinforcing exploration and production activities in Lebanon.
Saddi elaborated that after roughly one month, the LPA will showcase the necessary amendments to the tender documents, aimed at increasing the number of companies submitting bids. Thereafter, these amendments will be submitted in due course to the Lebanon's Council of Ministers.
The Lebanese minister downplayed the consternations over the possibility of oil and gas exploration operations in southern Lebanon being subjected to Israeli offensives, particularly in Block 8, stressing that he does not think this will happen, as long as these firms conduct assessments of the developments that could potentially emerge in the region.
